"If you have to go into the market now, we suggest you go into the defensive names," she said, highlighting health care, consumer staples and utilities, CNBC reported.

Krosby also sees the wreckage in tech as an option for investors who have a strong risk tolerance.

"You may want to take a look at the ones that have been really beaten down," said Krosby. "Cloud is not going away. Cybersecurity is not going away. But nonetheless, they're going to have to probably sell off more as we see the tech names just basically being a source of funding perhaps for hedge funds right now. But this, too, shall pass."

She also thinks it would only take one or two news headlines to turn the market around, especially if the Federal Reserve indicates it will hike fewer than four times between now and 2020 and the U.S.-China trade tensions ease.

"Any headline that comes in and changes our perception of those two major, major issues for the market could actually underpin a stronger turnaround before the end of this month," Krosby said.

"If you can sit out and wait in cash, I think the opportunities are going to come to you," she added.

Other respected economic voices are just as optimistic.

Rejecting economic speculation the sliding stock market is signaling an oncoming recession, White House chief economic adviser Larry Kudlow called the talk "nonsense" and added "recession is so far in the distance I can't see it."

"I am reading some of the weirdest stuff about how recession is around the corner –nonsense," Kudlow told reporters Tuesday. "My personal view, our administration's view, the recession is so far in the distance I can't see it."

Without directly referencing Republicans' midterm election losses in the House, Kudlow did admit "the economy is very sad" the past two weeks, adding market corrections come and go and the economic indicators suggest "economy is doing very, very well."

"We're clicking on all cylinders, and in comes the rising, let's not forget, in comes the rising," Kudlow said offering a more favorable report than other media amid stock market declines.

". . . This is going to be the best business investment cycle we will have in 20 years. We haven't had one. I am going to be totally nonpartisan here – Dems, Republicans, really since the late '90s – I think now it is resuming. That's a key part of our planning and our own incentives."

Saying he was nicer than other critics of Goldman Sachs Group Inc. analysis about declining GDP in 2019, Kudlow rejected tamped down expectations even amid a Democratic-controlled house.

"I don't even remotely agree with that," Kudlow said of the Goldman Sachs numbers he admitted has frequently seen as being off.

To be sure, U.S. stocks extended their recent selloff on Tuesday, with the S&P 500 hitting a three-week low, as energy shares dropped with oil prices and retailers including Target and Kohl’s sank after weak earnings and forecasts.